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The Amex Platinum Card: Worth It In 2021? - YouTube
Channel: Xena Kai Finance Videos
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In this video, I go over whether or not
the AMEX Platinum card is worth it in
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2021.
I've had this card for a couple months
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now and I wanted to give you guys my
honest opinion
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and experiences with it so that you
could decide whether or not you should
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apply for it during this time.
Is it worth paying the $555 annual fee
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in 2021 when you're probably not even
traveling right now?
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So I'll go over the benefits of having
this card as well as who should get it
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and who shouldn't get it. First, let's
start off with the basics. The American
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Express Platinum Card is a charge card
with an
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annual fee of $550.
Yes, the annual fee is very hefty. They do
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offer a signup bonus that's constantly
changing so when I
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signed up I got a bonus of 70,000
points after I spent an x amount of
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dollars in an x
amount of months. There is a signup
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bonus of a hundred thousand
points after you spend an x amount of
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dollars in a couple months but that
bonus is more rare. Some people get lucky
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and receive that offer
in the mail. Other people they go to
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creditcards.com and then
they have it on a private browser and
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refresh and
they get the deal. Even without that deal,
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70,000 points like
I got is still a really good signup
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bonus
because that's about 700 worth of free
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travel.
This card offers great multipliers when
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you book
travel through Amex travel. You get 5x
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points on
flights bookED through amextravel.com, you
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also get
5x points on hotels that you prepay
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through amextravel.com and then you get
one point for everything else.
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The 1x point per dollar spent isn't
really a benefit
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since most credit cards and charge cards
do give that already. With the points you
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accumulate, you could redeem it for free
flights, free hotels, free travel.
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You could also redeem the points to pay
for purchases,
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though I also have not used this yet
because from my understanding,
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points are worth more when you book
travel with it.
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So with that in mind, there really is no
reason
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to use your points on purchases outside
of the travel
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category. This card is known for giving
amazing
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travel benefits. Every year you get a $200
airline fee credit for an airline of
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your choosing.
You get free TSA pre-check or you can
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get
free global entry if you travel abroad a
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lot.
You get free hotel upgrades; so when you
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check into hotel
and they have vacant rooms that are
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better than whatever room you booked,
you automatically get upgraded to those
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rooms for free
and you get access to the American
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Express Global
Lounge Collection. So these are lounges
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at airports around the world
where you can get in for free just
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because you own
the American Express Platinum Card. Now, I
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personally
have not used this yet because every
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time I go
to the airport, they either do not
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have an American Express lounge
in the terminal that I'm at or if they
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do,
it's closed due to everything going on
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right now. I'm unsure
of when the lounges will open or if
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they're open
already but if I find out that they are,
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I'll
update the description for you guys so
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just check that.
Now, this is where it gets juicy because
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now we go
over the non-travel benefits that this
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card provides.
You want to listen up closely right here
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because if you don't travel a lot,
maybe this section of the non-travel
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benefits might benefit you.
Amex Platinum gives a $15 monthly
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Uber credit that you could use for Uber
rides or for Uber Eats.
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and in December they give you a $20 Uber
credit
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for a grand total of $185 dollars per
year.
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I personally don't have a car and I use
Uber as my main form/source of
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transportation and so this $15 credit
that I get every month
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always gets used. Maybe you're cooler
than me,
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maybe you have a car and you like to
ride dirty in it,
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so then you don't really need the Uber
credit because you don't use Uber but
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you could still use it for Uber Eats so
hey free food.
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That's a huge benefit. I love free food!
They also give you a
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$100 Saks Fifth Avenue credit
per year so it's $50 you could spend in
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the first six months
and then another $50 that you could spend
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in the last six months of the year.
American express is also currently
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giving a $30 PayPal credit
every month. The PayPal credit is new.
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They added it
back in January a couple months ago
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to attract new cardholders to apply
and to get current cardholders to stay.
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They didn't want a lot of people
canceling the card
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because well not that many people are
traveling right now.
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American Express also gives these
special
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offers so when cardholders sign in
to their account on amex.com
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then they could look at these special
offers.
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And basically Amex partners with all
these different
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retailers to give us the best
deal. The majority of these deals it's
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like oh, you get twenty
percent off if you spend a hundred
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dollars or you get fifty dollars off if
you spend two hundred dollars.
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But lately, they have been offering these
monster deals. Three notable offers
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they're giving a hundred dollar Best Buy
credit
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when you spend a hundred dollars at Best
Buy; so that's basically a hundred
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dollars for free.
They're offering the same thing with
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Home Depot as well. So if you spend a
hundred dollars at Home Depot,
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you get a hundred dollars for free as
well and for all you finance nerds
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watching this,
they're offering a $99
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Motley Fool subscription. That's
$300 worth of free stuff right there.
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The only thing you need to do as a card
holder is
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sign into your account on the American
Express website
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and add those offers to your platinum
card. So the time has come to answer the
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question:
is the Amex Platinum Card worth it in
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2021? Even though the Amex Platinum Card
is a travel card filled with mostly
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travel benefits,
and even though most people aren't
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traveling
right now due to everything going on, I
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vote that the Amex Platinum Card is
worth it in 2021. The main reasons being
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one they give a hefty signup
bonus so after you spend an x amount of
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dollars in a couple months
then they give you an x amount of
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sign up bonus points like i said earlier
for me
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i got 70 000 sign up bonus points
which is crazy because that is 700
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worth of free travel and hey if you're
not traveling right now
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you could still stack those points off
and then use it once everything goes
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back to normal
and let's say you don't travel much
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let's say you're not much of a frequent
flyer
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well don't worry because the non-travel
benefits
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of this card already pay for
the annual fee so you got your 185
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uber credit then you got the sacks with
avenue credit
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the best buy credit the home depot
credit and the motley fool credit
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you add that all up and that's already
over the 550
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annual fee if anything just get it then
close it or
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downgrade it for a cheaper card or
downgrade it for a free card that has no
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annual fee
with that being said there are two types
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of people who should not
get this card the first group
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are people who will not use any of the
benefits even the non-travel benefits if
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they're not gonna use it
then it makes it pointless so i don't
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suggest for
those people to get this card the second
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group are people who have high interest
debt
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okay don't don't do it pay off your debt
first before you pay an annual fee of
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550
for a charge card don't forget to
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subscribe to my channel and hit the
notification bell i release two new
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personal finance videos every week
and while you're at it don't forget to
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watch this video next you should do it
right meow
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and with that thanks for watching and i
will see you guys in the next video
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bye
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